The political battlelines have been drawn over superannuation, with opposition leader Peter Dutton claiming the government is creating “uncertainty” for Australians.
Prime Minister Anthony Albanese said yesterday no major changes were coming for the $3.3 trillion national super fund, after it was reported that Treasurer Jim Chalmers wanted to crack down on early access.
The government’s goal is to return super to being the key to a “dignified” retirement, while the Coalition has pushed early access as a way for Australians to finance a first home loan.
The Morrison government also relaxed early access rules during the pandemic to cover costs of living, leading to a collective $36 billion withdrawal.
This morning, Dutton told Today that uncertainty around superannuation would have a deleterious effect on investment.
Labor president Wayne Swan said a plan to tax super accounts with more than $3 million in them would be a “sensible” clean-up that would inject about $1 billion into the budget.
The change would affect about 36,000 Australians.
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But Dutton suggested the taxation could increase for other wealth categories in the future.
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“So people have pumped money into superannuation and the uncertainty that the Prime Minister’s creating, I think it just shows they can’t manage the budget or the economy,” he said.
“You’ve got a reasonable balance in superannuation and the government now is saying that they’re going to tax it.”
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He said the Coalition would seek to block any changes to super. proposed in Parliament.
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